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The automotive tire retreading services market share is expected to increase by USD 745.75 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 4.69%. The global tire retreading market is expected to grow significantly in the coming years due to increasing demand for fuel-efficient and eco-friendly transportation. Retreading tires is a cost-effective and sustainable alternative to buying new tires.
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The environmental benefits associated with the adoption of retreaded tires is notably driving the market growth, although factors such as retreaders facing cost pressure may impede market growth.
The adoption of retreaded tires is gaining momentum worldwide, with environmental benefits at the forefront. In the United States, businesses are recognizing the cost-effectiveness and advantages of retreading, leading to an expansion in the market. Brazil and Spain are witnessing significant advancements and innovations in retread tire technology, addressing restraints associated with treadwear and quality. The introduction of mold cure processes and remold techniques enhance the overall durability of retreaded tires. Mergers in the industry are shaping the future projections, while the passenger segment is increasingly embracing the environmental advantages of repair and retread options. The global push towards sustainable practices highlights retreaded tires as a promising solution.
Retreaders enhancing service offerings to satisfy customer demands is one of the key market trends that is expected to impact the industry positively in the forecast period. Strong competition in the tire retreading services market is pushing retreaders to streamline operational processes and enhance customer satisfaction through effective servicing. For instance, Goodyear Tire & Rubber uses its authorized retreading process along with exclusive production control and performance reporting system to track retreads from pickup to delivery using multiple barcode labeling. Prominent tire-retreading service providers are investing in new equipment and relocating service centers to tap customers effectively. They are also making efforts to reduce costs to remain competitive and be able to provide value to customers. Fleet management solutions have become crucial offerings for retreaders as they need to traverse beyond traditional solution offerings to provide value to customers. Such enhancements will support the market growth and trends in the coming years.
The automotive retreading tire market is poised for substantial growth, with a promising future outlook and forecast across the globe. Market players are strategically targeting key regions such as Japan, France, Canada, Italy, Latin America, and Asia Pacific to capitalize on the rising demand for retreaded tires. Fleet operators in these countries are increasingly recognizing the economic benefits of retreaded tires for various vehicle types, including passenger cars. As consumers in these regions prioritize cost-effective and sustainable options, the tire retreading market is gaining traction. Ownership costs, especially in countries like Mexico, are driving the adoption of retread tires, making it a significant trend worldwide.
One of the key challenges to the global retread tire market growth is the cost pressure. The surge of imported new low-cost tires has put tremendous pressure on tire retreading service providers to maintain an edge on price. Additionally, prominent tire manufacturers are engaged in tread supply by adding retreaded offerings to their portfolio amid strong demand from commercial vehicles in the US and countries in the European Union. Prominent tire manufacturers such as Continental, Bridgestone, and Goodyear Tire & Rubber are engaged in manufacturing retreads and offer tire retreading services. This development has created tough competition among small players for making performance retreads at lower costs. The cost pressure is further aggravated by factors such as higher wages and raw material prices, among others, impeding the efficient operations of tire retreading service providers. This will lead to market consolidation, which may limit the market growth in the forecast period.
This market trends and analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
The market growth analysis report analyzes the competitive landscape and offers information on several market vendors, including:
This statistical study of the market encompasses successful business strategies deployed by the key vendors. The market is fragmented and the vendors are deploying growth strategies such as product innovation to compete in the market.
The market research and growth report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our market growth and forecasting report provides extensive information on the value chain analysis for the market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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35% of the market's growth will originate from APAC during the forecast period. India, China, and Thailand are the key markets for APAC. However, market growth in this region will be slower than the growth of the market in other regions.
The rapidly growing logistics sector due to a strong boost to e-commerce will facilitate the market growth in APAC over the forecast period. This market forecasting report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
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The market share growth by the pre-cure segment will be significant during the forecast period. In the pre-cure process, a used tire goes through the primary initial inspection and buffing process before entering the pre-cure retreading process. This process requires lower investments in addition to reduced follow-up costs, which will drive the segment growth in the coming years. For instance, Bridgestone Bandag retreading is a popular pre-cure retreading process among retreaders.
This market research report provides an accurate prediction of the contribution of all the segments to the growth of the market size.
Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.69% |
Market growth 2022-2026 |
USD 745.75 million |
Market structure |
Fragmented |
YoY growth (%) |
3.33 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 35% |
Key consumer countries |
US, India, China, Thailand, and Germany |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Aik Koon Tyre and Battery Co. Pte Ltd., Best-One Tire and Service, Bridgestone Corp., Continental AG, Eastern Treads Ltd, JK Tyre and Industries Ltd., Kal Tire Mining Tire Group, KRAIBURG Austria GmbH and CO. KG, MARANGONI Group, McCarthy Tire Service, Michelin Group, MRF Ltd., Nokian Tyres Plc, Pilipinas Kai Rubber Corp, Pomps Tire Service Inc, Purcell Tire Wholesale Center, Southern Tire Mart, The Goodyear Tire and Rubber Co., Tyresoles, and Zenises ltd |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our market analysis and report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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